|Status : Published||Published On : Feb, 2023||Report Code : VRAT4070||Industry : Automotive & Transportation||Available Format :||Page : 208|
The global unmanned surface vehicle (USV) market was valued at USD 1,513.0 million in 2022 and is expected to reach USD 3,098.0 million by 2030, growing at a CAGR of 13.0% during 2023-2030. The growth of this market is attributed to the rapid need for mapping data pertaining to the ocean globally along with extensive requirements for maritime security. These vehicles are extremely efficient in estimating the threats and monitoring water quality. In order to prevent water bodies from getting contaminated government authorities globally are undertaking initiatives in order to combat this situation and unmanned surface vehicle performs a significant role and helps the government in conducting surveillance.
Unmanned surface vehicle (USV) commonly known as autonomous surface vehicles operates on the water surface without any requirement of a crew or person on it. These vehicles are considered to be extremely affordable as compared to that of other research and weather vehicles. The unmanned autopilot system (UAPS20) drives this vehicle and is extremely beneficial in discovering places where climatic condition is rough and enables smooth collection of data without putting life at stake for any individual. Increasing benefits of this vehicle are thereby strengthening the growth of the global unmanned surface vehicle (USV) market.
Insight by Mode of Operation
On the basis of the mode of operation, the global unmanned surface vehicle market is segmented into autonomous surface vehicles and remotely operated surface vehicles. Amongst these segments, the autonomous surface vehicle segment is expected to generate larger revenue by 2030 due to the excessive utilization of these vehicles in commercial and defense applications. The ability of these vehicles to perform uninterrupted operations without human intervention for both military and commercial operations makes it an attractive segment.
Insight by Size
Based on size, the global unmanned surface vehicle market is subdivided into small, medium, large, and extra-large. Amongst these segments, the large segment is anticipated to generate the largest revenue by 2030 as these large segments are gaining huge acceptance in the defense industry such as for combating operations, ISR activities, and resupply and cargo.
Insight by Type
On the basis of type, the global unmanned surface vehicle market is subdivided into surface and sub-surface. Amongst these segments, the surface is expected to witness higher CAGR during the forecast period as being on the surface USV can easily locate operators on land and another vessel.
Insight by Application
On the basis of application, the global unmanned surface vehicle (USV) market is subdivided into defense and commercial. Amongst these segments, defense is expected to witness a higher CAGR during the forecast period. The defense sector needs to identify probable threats and occurrences that could be a national danger as a result of which it USV is gaining greater acceptance in this sector.
Increasing research and development activities in the hydrography and oceanography field along with the rapid need for monitoring anti-submarine warfare and ocean quality are the key trends witnessed in the global unmanned surface vehicle market.
Extensive contamination undertaken in the ocean fresh waters and the requirement of preventing the contamination along with the increasing need for trustable, highly advanced, and reliable USVs specifically in the military domain are the key factors that are driving the growth of the global unmanned surface vehicle market. Unmanned surface vehicle in the military domain is used for mine hunting and discovering seaborne targets. Moreover, USVs are considered to be crucial vehicles for using it in hydrographic surveys. Utilizing small USV in parallel to conventional survey vessels acts as a force multiplier aiming at doubling survey coverage and thereby reducing the on-time site.
Lack of capability of collision detection of the USVs, availability of low-cost unmanned underwater vehicles and remotely operated underwater vehicles are the factors that are anticipated to hinder the growth of the global unmanned surface vehicle market.
Geographically, North America is the largest unmanned surface vehicle (USV) market and is expected to generate the largest revenue by 2030. The growth of the market in this region is attributed to increasing incidents of violence in countries along with rampant technological upgradation. Moreover, the U.S. is considered to be the largest operator, developer, and developer of USVs which is further escalating the growth of the unmanned surface vehicle (USV) market.
Moreover, Europe is expected to witness the highest CAGR during the forecast period due to extensive demand for water quality monitoring and ocean data mapping. Furthermore, rampant demand for autonomous surface vehicles used by navies for ISR activities and oceanographic studies are other factors driving the growth of the unmanned surface vehicle market in this region.
Key players in the unmanned surface vehicle (USV) market are catering to the demand for these devices by investing in technologically advanced products in their product portfolio across the globe.
Some of the major players operating in the global unmanned surface vehicle (USV) market are Textron Inc., ECA Group, Rafael Advanced Defense Systems, ASV Global, Israel Aerospace Industries, Atlas Elektronik, Teledyne Technologies, 5G International, SeaRobotics, Liquid Robotics, Maritime Robotics, and Elbit Systems.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research